PUBLIC SCHOOL EMPLOYEES’ RETIREMENT SYSTEM (PSERS)

About PSERS

Since 1917, PSERS has been serving the public school employees of the Commonwealth of Pennsylvania. The number of individuals we serve has grown from 37,000 in 1919 to more than 500,000 today. 

Balancing stability and growth through prudent investment policies, PSERS' assets have grown from $6 billion in 1982 to approximately $72.8​ billion as of June 30, 2023. PSERS was created as a defined benefit plan; a qualified trust under Section 401(a) of the Internal Revenue Service Code. PSERS' role expanded upon the passage of Act 5 of 2017 to include oversight of two new hybrid options consisting of defined benefit and defined contribution (DC) components and a stand-alone DC plan.

To serve the increasingly complex retirement needs of our members, PSERS continues to initiate and to expand its active and retired member programs and to enhance return through a safe yet agile investment policy.

About PSERS gives you the opportunity to learn about the administration of the Fund. Our mission is the driving force of our operations. We invite you to get to know the workings of our Board and staff, the history of the Fund and some interesting facts about our membership. You can also contact us with your retirement questions.

Snapshot

Members

Over 500,000

  • Approximately 251,000 active members
  • Approximately 250,00 retired members/beneficiaries

Average Annuity Paid
(annuitants, survivor, beneficiaries, disabled annuitants)

$26,197 per year

Total Net Assets

$72.8 billion
Funding Sources
25-year totals
  • 15% member contributions
  • 32% employer contributions
  • 53% investment earnings

Member Contribution Rate

Member contributions range from 7.50% to 10.80% of payroll depending on their class of membership

Employer Contribution Rate

33.9% of payroll, beginning July 1, 2024
The FY 2024/2025 rate provides 100% of the actuarially required rate based on sound actuarial practices and principles.

Number of Employers

770

Funding Status

63.6% on actuarial basis with an unfunded liability of $42.3 billion

Investment Returns
PSERS’ fiscal year end; audited, annualized, net of fees

3.54% 1-year; 9.66% 3-year; 7.30% 5-year; 7.46% 10-year; 6.57% 25-year

Investment Rate of Return Assumption

7.00% annual investment return assumption

 

As of June 30, 2023

Our Mission, Vision, & Values

Our Mission: To be a partner with our members to fulfill the promise of a secure retirement.

Our Vision: To be a trusted partner in delivering exceptional retirement services and benefits.

Our Values:

Public accountability and transparency. - We are committed to holding ourselves to the highest standards of ethics and accountability and believe that openness and honesty are fundamental to PSERS’ success.

Staff growth and development - We are committed to cultivating a human-centered organizational culture and developing team-member competencies to meet the needs of today and tomorrow.

Exceptional levels of service - We are committed to continuous improvement and exploring innovative ways to increase productivity and enhance the customer experience.

Respect for our members, stakeholders, and staff -We are committed to creating an organizational culture that fosters diversity, equity, and inclusion where everyone receives fair treatment and civility.

Stewardship of resources and investments - We are committed to prudently investing the assets and effectively managing the resources entrusted to our care.